Allegiance Capital Corporation Announces the Sale of Pulice Construction to Grupo ACS of Madrid, Spain

Phoenix-Based Construction Firm is Acquired for 80 Million Euros

DALLAS--(BUSINESS WIRE)--Allegiance Capital Corporation, a middle-market, private investment banking firm headquartered in Dallas, with offices in New York and Madrid, Spain, today announced the sale of its client, Pulice Construction of Phoenix, AZ.

The construction and services group, ACS (Madrid: ACS.MC), has acquired 100% of the share capital of the U.S. builder Pulice Construction for an amount of $113.9 million (80 million euros at current exchange rates).

The American company, based in Phoenix, Arizona, specializes in civil work, mainly roads and motorways. In the past five years, Pulice has been the prime contractor for the Arizona Department of Transportation (ADOT).

In addition to Arizona, Pulice is licensed to operate in Utah, Nevada, and California. The company last year recorded a turnover of $244.4 million (170.8 million euros) and EBITDA of $27.2 million (19 million euros).

Meanwhile, Pulice's profit before tax last year stood at $18.8 million (13.1 million euros), while net debt reached $28.9 million (20.2 million euros) and its portfolio totaled $139 million (97.2 million euros).

Florentino Perez, president of Grupo ACS, executed this acquisition in the U.S. through Dredging Construction USA, wholly owned by Dragados, which in turn is a 100% subsidiary of ACS.

About Allegiance Capital:

Allegiance Capital Corporation is a full-service investment banking firm specializing in the middle market (companies with revenue from $10 million to $500 million). With offices in Dallas, New York, Minneapolis/St. Paul, Shanghai, and Madrid, Allegiance Capital has a worldwide network to assist companies in every aspect of selling and financing a business, including debt structuring, mezzanine financing, strategic partnering, consulting and other related services. Allegiance Capital differentiates itself by having deep industry knowledge, extensive contacts with potential investors, heavy investment in educating sellers and obtaining premium valuations for clients. Visit www.allcapcorp.com for more information on Allegiance Capital Corporation.